IOM GVT National Risk Assessment

On Jan. 13, IOM GVT updated money laundering/terror financing.

  • Issued an updated national risk assessment (NRA) of money laundering (ML) and terrorist financing (TF), a requirement of the Financial Action Task Force (FATF).
  • This was the second NRA for the Isle of Man; the first was completed in 2015.
  • The report identifies money laundering, terrorist financing risks to the Isle of Man.
  • At the national level and for each financial sector; it also highlights the progress that has been made since 2016 in strengthening the national response to these risks.
  • The findings of the 2020 assessment concerning the overall level of risk for the Isle of Man are that the ML risk remains medium high and the TF risk as medium low.

Regulators IOM GVT
Entity Types Auditor; B/D; Bank; BHC; BS; CNSM; Corp; Fiduciary; Gambling; IA; IB; Ins; Inv Co; MG Orig
Reference Rp, PR, 1/13/2020
Functions Accounting; AML; Anti-Bribery; Compliance; C-Suite; Financial; Legal; Operations; Product; Reporting; Risk; Tax; Trade Reporting; Training
Countries Isle of Man
Products Banking; Commodities; Corporate; Fund Mgt; Insurance; Mortgage; Securities; Wealth Mgt
Regions EMEA
Rule Type Guidance
Rule Date 1/13/2020
Effective Date 1/13/2020
Rule Id 70222
Linked to N/A
Reg. Last Update 1/13/2020
Report Section UK

Last substantive update on 01/14/2020